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European Economic News Preview: German Ifo Business Confidence Data Due
(RTTNews) - Business confidence survey data from Germany is the only major economic report due on Monday, headlining a light day for the European economic news.
At 2.00 am ET, manufacturing sentiment and capacity utilization figures are due from Turkey.
At 2.30 am ET, Switzerland's Federal Statistical Office releases employment data for the third quarter.
At 3.00 am ET, Spain's INE publishes producer prices for October. Prices had declined 5.2 percent annually in September.
At 4.00 am ET, the ifo Institute is scheduled to release German monthly business sentiment survey data. The business climate index is forecast to fall to 86.1 in November from 86.5 in the previous month.
In the meantime, industrial production and producer prices from Poland are due. Economists expect industrial production to grow 1.8 percent on year in October, in contrast to the 0.3 percent fall in September. Producer prices are forecast to fall 5.5 percent annually after a 6.3 percent decrease.
Higher Open Anticipated For Singapore Stock Market
(RTTNews) - The Singapore stock market on Friday snapped the two-day slide in which it had slipped almost 20 points or 0.6 percent. The Straits Times Index now sits just above the 3,745-point plateau and it's expected to see continued strength on Monday.
The global forecast is positive, supported by increasing oil prices. The European and U.S. markets were up on Friday and the Asian markets are expected to open in similar fashion on Monday.
The STI finished slightly higher on Friday following gains from the industrials and mixed performances from the financial shares and property stocks.
For the day, the index added 6.80 points or 0.18 percent to finish at 3,746.02 after trading between 3,738.75 and 3,755.04.
Among the actives, City Developments added 0.39 percent, while Comfort DelGro improved 0.68 percent, DBS Group sank 0.54 percent, DFI Retail tumbled 1.57 percent, Frasers Logistics Commercial Trust plummeted 2.67 percent, Genting Singapore jumped 1.97 percent, Hongkong Land slumped 1.06 percent, Keppel DC REIT retreated 1.33 percent, Keppel Ltd climbed 1.37 percent, Mapletree Industrial Trust lost 0.44 percent, Mapletree Logistics Trust dropped 0.79 percent, Oversea-Chinese Banking Corporation collected 0.18 percent, SembCorp Industries rose 0.19 percent, Singapore Technologies Engineering strengthened 1.52 percent, Thai Beverage rallied 1.94 percent, Wilmar International gained 0.33 percent, Yangzijiang Shipbuilding advanced 0.75 percent and CapitaLand Integrated Commercial Trust, CapitaLand Investment, SATS, Seatrium Limited, Yangzijiang Financial, Mapletree Pan Asia Commercial Trust, SingTel, Emperador, Frasers Centrepoint Trust and Jardine Cycle were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and mostly stayed that way, ending in the green.
The Dow surged 426.16 points or 0.97 percent to finish at a record 44,296.51, while the NASDAQ added 31.23 points or 0.16 percent to close at 19.003.65 and the SP 500 gained 20.63 points or 0.35 percent to end at 5,969.34.
For the week, the Dow surged 2.0 percent, while the NASDAQ and the SP 500 both shot up by 1.7 percent.
The advance by the markets came despite a pullback by shares of Nvidia (NVDA), as the AI darling tumbled by 3.2 percent despite having reporting better than expected third quarter earnings and revenues.
In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than expected in November - although the index is still at its highest level since April.
Oil prices climbed higher on Friday amid rising concerns about Russia/Ukraine conflict. West Texas Intermediate Crude oil futures for January closed up $1.14 or 1.6 percent at $71.24 a barrel. WTI crude futures gained 6.5 percent in the week.
Closer to home, Singapore will provide October data for consumer prices later today; in September, overall inflation was up 0.3 percent on month and 2.0 percent on year, while core CPI rose an annual 2.8 percent.
China Stock Market May Cut Into Friday's Losses
(RTTNews) - The China stock market on Friday halted the three-day winning streak in which it had advanced more than 35 points or 1 percent. The Shanghai Composite now sits just beneath the 3,270-point plateau although it's likely to make back some of that on Monday.
The global forecast is positive, supported by increasing oil prices. The European and U.S. markets were up on Friday and the Asian markets are expected to open in similar fashion on Monday.
The SCI finished sharply lower on Friday with losses in all sectors, especially the resource, property and financial companies.
For the day, the index plummeted 103.21 points or 3.06 percent to finish at the daily low of 3,267.19 after trading as high as 3,372.00. The Shenzhen Composite Index tumbled 72.10 points or 3.54 percent to end at 1,966.91.
Among the actives, Industrial and Commercial Bank of China dropped 1.31 percent, while Bank of China skidded 1.01 percent, China Construction Bank weakened 1.26 percent, China Merchants Bank stumbled 2.62 percent, Agricultural Bank of China retreated 1.47 percent, China Life Insurance plummeted 5.90 percent, Jiangxi Copper tanked 3.72 percent, Aluminum Corp of China (Chalco) surrendered 3.53 percent, Yankuang Energy tumbled 2.90 percent, PetroChina slumped 1.23 percent, China Petroleum and Chemical (Sinopec) shed 0.95 percent, Huaneng Power declined 2.92 percent, China Shenhua Energy plunged 3.37 percent, Poly Developments crashed 3.28 percent, China Vanke lost 3.00 percent and Gemdale was unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and mostly stayed that way, ending in the green.
The Dow surged 426.16 points or 0.97 percent to finish at a record 44,296.51, while the NASDAQ added 31.23 points or 0.16 percent to close at 19.003.65 and the SP 500 gained 20.63 points or 0.35 percent to end at 5,969.34.
For the week, the Dow surged 2.0 percent, while the NASDAQ and the SP 500 both shot up by 1.7 percent.
The advance by the markets came despite a pullback by shares of Nvidia (NVDA), as the AI darling tumbled by 3.2 percent despite having reporting better than expected third quarter earnings and revenues.
In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than expected in November - although the index is still at its highest level since April.
Oil prices climbed higher on Friday amid rising concerns about Russia/Ukraine conflict. West Texas Intermediate Crude oil futures for January closed up $1.14 or 1.6 percent at $71.24 a barrel. WTI crude futures gained 6.5 percent in the week.
New Zealand Retail Sales Dip 0.1% On Quarter In Q3
(RTTNews) - The total volume of retail sales in New Zealand was down a seasonally adjusted 0.1 percent on quarter in the third quarter of 2024, Statistics New Zealand said on Monday - coming in at NZ$24 billion.
The total value of seasonally adjusted retail sales was NZ$30 billion, down 0.7 percent on quarter (NZ$209 million).
The total value of actual retail sales was NZ$28 billion, down 2.8 percent (NZ$829 million), compared with the September 2023 quarter.
On a yearly basis, the volume of retail sales was down 2.5 percent after slipping 3.6 percent on year in the three months prior.
Taiwan Bourse May Extend Friday's Gains
(RTTNews) - The Taiwan stock market on Friday snapped the two-day slide in which it had stumbled almost 300 points or 1.3 percent. The Taiwan Stock Exchange now rests just above the 22,900-point plateau and it may see additional support on Monday.
The global forecast is positive, supported by increasing oil prices. The European and U.S. markets were up on Friday and the Asian markets are expected to open in similar fashion on Monday.
The TSE finished sharply higher on Friday following gains from the financial shares and technology stocks, while the plastics companies were soft.
For the day, the index rallied 348.66 points or 1.55 percent to finish at 22,904.32 after trading between 22,799.53 and 23,019.04.
Among the actives, Cathay Financial collected 0.30 percent, while Mega Financial improved 0.76 percent, First Financial was up 0.18 percent, E Sun Financial gathered 0.37 percent, Taiwan Semiconductor Manufacturing Company accelerated 2.97 percent, United Microelectronics Corporation perked 0.11 percent, Hon Hai Precision rose 0.25 percent, Largan Precision added 0.63 percent, Catcher Technology sank 0.75 percent, MediaTek soared 3.56 percent, Delta Electronics rallied 3.41 percent, Novatek Microelectronics shed 0.72 percent, Formosa Plastics fell 0.34 percent, Nan Ya Plastics lost 0.50 percent, Asia Cement gained 0.46 percent and CTBC Financial and Fubon Financial were unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and mostly stayed that way, ending in the green.
The Dow surged 426.16 points or 0.97 percent to finish at a record 44,296.51, while the NASDAQ added 31.23 points or 0.16 percent to close at 19.003.65 and the SP 500 gained 20.63 points or 0.35 percent to end at 5,969.34.
For the week, the Dow surged 2.0 percent, while the NASDAQ and the SP 500 both shot up by 1.7 percent.
The advance by the markets came despite a pullback by shares of Nvidia (NVDA), as the AI darling tumbled by 3.2 percent despite having reporting better than expected third quarter earnings and revenues.
In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than expected in November - although the index is still at its highest level since April.
Oil prices climbed higher on Friday amid rising concerns about Russia/Ukraine conflict. West Texas Intermediate Crude oil futures for January closed up $1.14 or 1.6 percent at $71.24 a barrel. WTI crude futures gained 6.5 percent in the week.
Closer to home, Taiwan will see October numbers for industrial production later today; in September, industrial output climbed 11.22 percent on year.
U.S. Dollar Falls Against Majors
(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Monday.
The U.S. dollar fell to a 6-day low of 153.55 against the yen, a 5-day low of 1.2607 against the pound and a 4-day low of 0.5867 against the NZ dollar, from Friday's closing quotes of 154.74, 1.2531 and 0.5833, respectively.
Against the euro and the Swiss franc, the greenback edged down to 1.0490 and 0.8892 from last week's closing quotes of 1.0417 and 0.8937, respectively.
Against the Australia and the Canadian dollars, the greenback dropped to near 2-week lows of 0.6551 and 1.3928 from last week's closing quotes and 0.6501 and 1.3980, respectively.
If the greenback extends its downtrend, it is likely to find support around 151.00 against the yen, 1.29 against the pound, 0.60 against the kiwi, 1.08 against the euro, 0.87 against the franc, 0.66 against the aussie and 1.37 against the loonie.
Hong Kong Shares Due For Support On Monday
(RTTNews) - The Hong Kong stock market has moved lower in two straight sessions, dropping more than 470 points or 2.5 percent along the way. The Hang Seng Index now sits just beneath the 19,230-point plateau although it may stop the bleeding on Monday.
The global forecast is positive, supported by increasing oil prices. The European and U.S. markets were up on Friday and the Asian markets are expected to open in similar fashion on Monday.
The Hang Seng finished sharply lower on Friday with damage across the board, especially among the financials, properties, insurance companies and technology stocks.
For the day, the index plunged 371.14 points or 1.89 percent to finish at 19,229.97 after trading between 19,134.59 and 19,711.40.
Among the actives, Alibaba Group tanked 4.38 percent, while Alibaba Health Info plunged 5.59 percent, ANTA Sports lost 1.44 percent, China Life Insurance plummeted 7.07 percent, China Mengniu Dairy sank 1.52 percent, China Resources Land surrendered 4.03 percent, CITIC tumbled 3.66 percent, CNOOC dipped 0.58 percent, CSPC Pharmaceutical and Industrial and Commercial Bank of China both dropped 1.93 percent, Galaxy Entertainment slipped 1.21 percent, Haier Smart Home was down 1.11 percent, Hang Lung Properties declined 3.43 percent, Henderson Land skidded 2.59 percent, Hong Kong China Gas shed 1.50 percent, JD.com eased 0.29 percent, Lenovo fell 1.41 percent, Li Auto stumbled 3.61 percent, Li Ning retreated 3.57 percent, Meituan slumped 3.24 percent, New World Development weakened 3.20 percent, Nongfu Spring rallied 2.76 percent, Techtronic Industries slid 1.32 percent, Xiaomi Corporation jumped 1.42 percent and WuXi Biologics cratered 4.00 percent.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and mostly stayed that way, ending in the green.
The Dow surged 426.16 points or 0.97 percent to finish at a record 44,296.51, while the NASDAQ added 31.23 points or 0.16 percent to close at 19.003.65 and the SP 500 gained 20.63 points or 0.35 percent to end at 5,969.34.
For the week, the Dow surged 2.0 percent, while the NASDAQ and the SP 500 both shot up by 1.7 percent.
The advance by the markets came despite a pullback by shares of Nvidia (NVDA), as the AI darling tumbled by 3.2 percent despite having reporting better than expected third quarter earnings and revenues.
In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than expected in November - although the index is still at its highest level since April.
Oil prices climbed higher on Friday amid rising concerns about Russia/Ukraine conflict. West Texas Intermediate Crude oil futures for January closed up $1.14 or 1.6 percent at $71.24 a barrel. WTI crude futures gained 6.5 percent in the week.
China Keeps Medium-Term Lending Facility Rate Unchanged
(RTTNews) - China's central bank left the rate on medium-term lending facility unchanged on Monday after cutting the rate in September.
The People's Bank of China maintained the MLF rate at 2.0 percent. The bank offered CNY 900 billion via one-year policy loans.
Following the operation, the outstanding balance of the MLF was CNY 6.239 trillion.
Previously, the bank had reduced the rate on MLF by 30 basis points in September, which was the first reduction since July.
Today, the PBoC also conducted seven-day reverse repo operations for an amount of CNY 249.3 billion at a rate of 1.50 percent.
In a statement, the central bank said it aims to keep adequate and reasonable liquidity in the banking system.
In the third quarter, the second largest economy posted its slowest growth in more than a year. Gross domestic product rose only 4.6 percent in the third quarter.
Authorities rolled out a sequence of measures since late September to help the economy to achieve the growth target of around 5 percent this year. The apex bank also unveiled massive easing steps to cope with challenging economic conditions.
CAC 40 Gains After Bessent's Appointment As US Treasury Secretary
(RTTNews) - French stocks traded higher on Monday after Donald Trump nominated Scott Bessent, a billionaire hedge fund manager and an advocate for deficit reduction, to lead the U.S. Treasury Department.
The benchmark CAC 40 was up 35 points, or half a percent, at 7,289 after rising 0.6 percent on Friday.
Atos SE shares jumped nearly 22 percent. The multinational information technology service and consulting company announced that the French State has made a non-binding proposal to buy 100 percent of the Advanced Computing activities of its BDS division for 500 million euros, based on an enterprise value for a period until May 31, 2025.
Airbus SE, an aeronautics and space company, added 1.4 percent after it announced the launch of a second tranche of its share buyback program, aiming to repurchase up to 2.12 million shares, between November 25 and January 24, 2025.
FTSE 100 Slightly Higher In Cautious Trade
(RTTNews) - U.K. stocks were slightly higher on Monday despite an ongoing row about tax rises by chancellor Rachel Reeves.
The benchmark FTSE 100 was up 32 points, or 0.4 percent, at 8,294 after climbing 1.4 percent on Friday.
Anglo American advanced 1.6 percent after Peabody Energy won a hotly contested battle to buy the miner's steelmaking coal mines in Australia for $3.78bn.
Drug maker AstraZeneca edged up slightly after announcing positive high-level results from CAPItello-281 Phase III trial of Truqap (capivasertib).
Rentokil Initial rallied 2.3 percent. The commercial pest control services company announced that Paul Edgecliffe-Johnson will join the Board as Chief Financial Officer, with effect from January 1, 2025.
Home improvement retailer Kingfisher plunged more than 12 percent after lowering its profit outlook.
InterContinental Hotels Group gained 1 percent after signing new agreements with its existing issuing and financial services partners to continue offering co-branded IHG One Rewards credit cards in the U.S.
Sensex, Nifty Rally On Firm Global Cues
(RTTNews) - Indian shares ended Monday's session sharply higher after BJP-led alliance scored significant victory in the Maharashtra state assembly elections, raising expectations for increased government spending to boost domestic demand.
Positive cues from global markets also boosted sentiment after Donald Trump nominated Scott Bessent, a billionaire hedge fund manager and an advocate for deficit reduction, to lead the U.S. Treasury Department.
He has advocated, in a Bloomberg interview, for the U.S. to grow its way out of large debts and, in the Wall Street Journal for tax reform and deregulation, particularly to spur bank lending and energy production.
The benchmark SP/BSE Sensex ended the session up 992.74 points, or 1.25 percent, at 80,109.85 while the broader NSE Nifty index settled at 24,221.90, up 314.65 points, or 1.32 percent, from its previous close.
Intraday, both Nifty and Sensex rose nearly 2 percent to reach their highest levels since November 7.
Shriram Finance, BPCL, Larsen Toubro, SBI, BEL and ONGC surged 4-5 percent to top the gainers list, while JSW Steel fell 2.3 percent after being replaced by Zomato in the coveted BSE 30.
Asian Shares Mostly Higher On Bessent Pick For US Treasury
(RTTNews) - Most Asian stocks rose on Monday, the dollar dipped, and bond yields declined after U.S. President-elect Donald Trump has chosen wealthy hedge fund manager Scott Bessent to be his Treasury secretary.
Bessent's reputation for stability and his past advocacy for gradual economic policies have calmed market nerves.
Oil prices traded lower in Asian trading and gold prices were down nearly 2 percent after reports emerged that Israel and Lebanon based Hezbollah militant group are on cusp of a ceasefire deal.
China's Shanghai Composite index slipped 0.11 percent to 3,263.76 after a choppy session as investors awaited the release of NBS PMI data this week for impacts on business conditions from recent stimulus and tariff worries.
Hong Kong's Hang Seng index ended down 0.41 percent at 19,150.99, giving up initial gains. China's central bank today left the rate on medium-term lending facility unchanged after cutting the rate in September.
Japanese markets posted strong gains on optimism around the U.S. economy. The Nikkei average climbed 1.30 percent to 38,780.14 ahead of November inflation numbers from the capital city of Tokyo, due to be released later in the week.
The broader Topix index settled 0.71 percent higher at 2,715.60, with tech giants SoftBank Group and Tokyo Electron rising 3.4 percent and 4 percent, respectively. Uniqlo owner Fast Retailing surged 3.5 percent.
Seoul stocks ended sharply higher ahead of Bank of Korea's interest-rate decision on Wednesday. The Kospi average rallied 1.32 percent to 2,534.34, led by tech and battery stocks. Samsung Electronics jumped 3.4 percent and LG Energy Solutions added 3.6 percent.
Australian markets eked out modest gains as falling yields boosted property, technology and consumer stocks.
The benchmark SP/ASX 200 rose 0.28 percent to 8,417.60 ahead of inflation readings for October scheduled to be released on Wednesday. The broader All Ordinaries index ended up 0.33 percent at 8,661.20.
SG Fleet Group shares soared 18.4 percent after the vehicle fleet management and leasing group confirmed that it is in discussions regarding a A$1.2 billion ($785 million) buyout offer from private equity group Pacific Equity Partners.
Across the Tasman, New Zealand's benchmark SP/NZX-50 index jumped 1.18 percent to 13,196.08 ahead of the Reserve Bank of New Zealand's interest-rate decision on Wednesday, with a 50-bps rate cut fully priced in by markets.
U.S. stocks rose on Friday and posted strong gains for the week, partly offsetting the sharp pullback seen in the previous week.
The Dow jumped 1 percent to reach a new record closing high and the SP 500 rose 0.4 percent to extend gains for the fifth day running while the tech-heavy Nasdaq Composite edged up by 0.2 percent.
Pound Rises As Traders Expect BoE Slow Policy-easing Path
(RTTNews) - The British pound strengthened against other major currencies in the European session on Monday, as traders anticipate that the Bank of England (BoE) would slow down its policy-easing process in the upcoming month, particularly in light of data that was made public last week that indicated the UK inflation accelerated and once again exceeded the 2 percent target.
Last week, U.K. consumer price inflation accelerated more than expected in October, lowering the chances of a rate cut at the upcoming monetary policy meeting in December. The consumer price index rose 2.3 percent on a yearly basis, following September's 1.7 percent increase, which was the lowest since April 2021.
European stocks traded higher after U.S. President-elect Donald Trump picked hedge fund billionaire Scott Bessent as his Treasury Secretary, raising optimism he would recommend "tariffs be layered in gradually".
He has advocated, in a Bloomberg interview, for the U.S. to grow its way out of large debts and, in the Wall Street Journal for tax reform and deregulation, particularly to spur bank lending and energy production.
Reports of ceasefire talks between Israel and Hezbollah pointed to a potential de-escalation in the Middle East, led to the upturn of the investor sentiment.
In the European trading today, the pound rose to a 5-day high of 1.1225 against the Swiss franc and a 4-day high of 1.2607 against the U.S. dollar, from last week's closing quotes of 1.1125 and 1.2607, respectively. If the pound extends its uptrend, it is likely to find resistance around 1.13 against the franc and 1.28 against the greenback.
Against the yen and the euro, the pound edged up to 194.63 and 0.8309 from Friday's closing quotes of 193.86 and 0.8313, respectively. The pound may test resistance around 198.00 against the yen and 0.80 against the euro.
Looking ahead, U.S. Dallas Fed manufacturing index for November and Canada quarterly corporate profits and manufacturing sales for October are slated for release in the New York session.
European Shares Gain On Rate Cut Hopes
(RTTNews) - European stocks traded higher at two-week highs on Monday after Donald Trump nominated Scott Bessent, a billionaire hedge fund manager and an advocate for deficit reduction, to lead the U.S. Treasury Department.
Rate cut hope also fueled gains after ECB chief economist Phillip Lane said that monetary policy should not remain restrictive for too long and that the job is not done yet on inflation.
The pan European Stoxx 600 was up 0.3 percent at 510.04 after rallying 1.2 percent on Friday.
The German DAX gained 0.4 percent despite a measure of business climate worsening in November. The headline German IFO Business Climate Index fell to 85.7 in November from 86.5 in October.
France's CAC 40 index jumped 0.6 percent and the U.K.'s FTSE 100 was up 0.4 percent.
In corporate news, Italy's UniCredit lost 4 percent after launching a €10.1bn takeover bid for smaller domestic rival Banco BPM. Shares of the latter rallied 2.5 percent.
Commerzbank slumped 5.6 percent. German Finance Minister Joerg Kukies said on Sunday he did not expect UniCredit to go ahead with plans for a takeover of the German lender due to objections raised by the government in Berlin.
Automakers BMW, Mercedes Benz and Volkswagen were moving higher in the wake of reports that China and the EU are nearing a solution over eliminating tariffs on Chinese electric vehicle (EV) imports into the bloc.
Atos SE shares jumped nearly 44 percent. The multinational information technology service and consulting company announced that the French State has made a non-binding proposal to buy 100 percent of the Advanced Computing activities of its BDS division for 500 million euros, based on an enterprise value for a period until May 31, 2025.
Airbus SE, an aeronautics and space company, added 1.5 percent after it announced the launch of a second tranche of its share buyback program, aiming to repurchase up to 2.12 million shares, between November 25 and January 24, 2025.
Anglo American advanced 1.6 percent after Peabody Energy won a hotly contested battle to buy the miner's steelmaking coal mines in Australia for $3.78bn.
Drug maker AstraZeneca edged up slightly after announcing positive high-level results from CAPItello-281 Phase III trial of Truqap (capivasertib).
Rentokil Initial rallied 2.3 percent. The commercial pest control services company announced that Paul Edgecliffe-Johnson will join the Board as Chief Financial Officer, with effect from January 1, 2025.
Home improvement retailer Kingfisher plunged more than 12 percent after lowering its profit outlook.
InterContinental Hotels Group gained 1 percent after signing new agreements with its existing issuing and financial services partners to continue offering co-branded IHG One Rewards credit cards in the U.S.
U.S. Dollar Falls Amid Risk Appetite
(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Monday amid risk appetite, following the broadly positive cues from Wall Street on Friday, boosted by strong gains in markets in Japan, Indonesia and South Korea as traders remain optimistic about a 25-basis point rate cut by the U.S. Fed in December after data showing consumer sentiment in the U.S. improved less than expected in November.
Traders also looked ahead to the release of key U.S. economic data later in the week, including readings on consumer price inflation preferred by the Fed.
Gains across most sectors led by mining, energy and technology stocks, also led to the upturn of the investor sentiment.
Crude oil prices climbed higher amid rising concerns about Russia/Ukraine conflict. West Texas Intermediate Crude oil futures for January closed up $1.14 or 1.6 percent at $71.24 a barrel. WTI crude futures gained 6.5 percent in the week.
In the Asian trading today, the U.S. dollar fell to a 6-day low of 153.55 against the yen, a 5-day low of 1.2607 against the pound and a 4-day low of 0.5867 against the NZ dollar, from Friday's closing quotes of 154.74, 1.2531 and 0.5833, respectively. If the greenback extends its downtrend, it is likely to find support around 151.00 against the yen, 1.29 against the pound and 0.60 against the kiwi.
Against the euro and the Swiss franc, the greenback edged down to 1.0490 and 0.8892 from last week's closing quotes of 1.0417 and 0.8937, respectively. The greenback may test support near 1.08 against the euro and 0.87 against the franc.
Against the Australia and the Canadian dollars, the greenback dropped to near 2-week lows of 0.6551 and 1.3928 from last week's closing quotes and 0.6501 and 1.3980, respectively. On the downside, 0.66 against the aussie and 1.37 against the loonie are seen as the next support levels for the greenback.
Looking ahead, German Ifo business climate index for November is due to be released in the European session at 4:00 am ET.
In the New York session, U.S. Dallas Fed manufacturing index for November is slated for release.
German Business Confidence Weakens In November
(RTTNews) - German business sentiment softened in November on a notable deterioration in current conditions as economic struggles deepened, survey results from ifo Institute showed on Monday.
The business climate index fell to 85.7 in November from 86.5 in the previous month. The score was expected to fall moderately to 86.0.
At 84.3, the current situation index dropped to the lowest since July 2020. The score was forecast to fall to 85.5 from 85.7 in October.
At the same time, the expectations index registered 87.2 in November, slightly down from 87.3 a month ago. The expected reading was 87.0.
"The German economy is floundering," ifo Institute President Clemens Fuest said.
Capital Economics' economist Franziska Palmas said the German economy will continue to struggle in the months ahead.
The economist expects the German GDP to shrink again in the fourth quarter and expand just 0.5 percent in 2025.
The survey today showed that the business climate in manufacturing worsened as companies were somewhat skeptical again about the coming months. By contrast, they were slightly more satisfied about the status quo. Nevertheless, the current situation is frequently described as difficult.
In the service sector, business confidence declined notably in November. Companies assessed the current situation as significantly worse and their expectations were more pessimistic.
On the other hand, business sentiment in trade improved again. Companies assessed their current situation as better. In addition, expectations were less pessimistic, both for retail and wholesale. However, sentiment remained a long way off from being positive, ifo said.
In construction, the business climate worsened noticeably. Companies were less satisfied with current business and expectations were more skeptical again.
DAX Rises Ahead Of Busy Data Week; Commerzbank Shares Slump 6%
(RTTNews) - German stocks opened higher on Monday ahead of the release of key inflation readings from the U.S. and Eurozone, U.S. GDP data and the minutes from the last FOMC meeting due this week.
The single European currency traded below the 1.05 level after ECB chief economist Phillip Lane said that monetary policy should not remain restrictive for too long and that the job is not done yet on inflation.
The benchmark DAX was up 81 points, or 0.4 percent, at 19,404 after gaining 0.9 percent on Friday.
In corporate news, Commerzbank slumped 6 percent. German Finance Minister Joerg Kukies said on Sunday he did not expect UniCredit to go ahead with plans for a takeover of the German lender due to objections raised by the government in Berlin.
Automakers BMW, Mercedes Benz and Volkswagen were up between half a percent and 2 percent in the wake of reports that China and the EU are nearing a solution over eliminating tariffs on Chinese electric vehicle (EV) imports into the bloc.
Higher Open Expected For Taiwan Stock Market
(RTTNews) - The Taiwan stock market has climbed higher in back-to-back sessions, advancing almost 400 points or 1.8 percent along the way. The Taiwan Stock Exchange now rests just beneath the 22,950-point plateau and it may see additional support on Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The TSE finished slightly higher on Monday following gins from the financial shares and technology stocks.
For the day, the index added 44.05 points or 0.19 percent to finish at the daily low of 22,948.37 after trading as high as 23,172.43.
Among the actives, Cathay Financial collected 0.75 percent, while Mega Financial and United Microelectronics Corporation both climbed 1.01 percent, First Financial improved 0.72 percent, Fubon Financial strengthened 1.34 percent, E Sun Financial rallied 1.28 percent, Taiwan Semiconductor Manufacturing Company dropped 0.96 percent, Hon Hai Precision soared 3.69 percent, Largan Precision spiked 2.94 percent, Catcher Technology added 0.50 percent, MediaTek stumbled 2.29 percent, Delta Electronics dipped 0.13 percent, Novatek Microelectronics accelerated 2.29 percent, Nan Ya Plastics advanced 0.87 percent and Asia Cement, CTBC Financial and Formosa Plastics were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the SP 500 rose 18.03 points or 0.30 percent to end at 5,987.37.
Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.
Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
Japan Producer Price Data Due On Tuesday
(RTTNews) - Japan will on Tuesday release October numbers for producer prices, highlighting a light day for Asia-Pacific economic activity. Producer prices are expected to rise 2.5 percent on year, easing from 2.6 percent in September.
Singapore will provide October figures for industrial production; in September, industrial output was flat on month and up 9.8 percent on year.
Hong Kong will see October data for imports, exports and trade balance. In September, imports were up 1.4 percent on month and exports added 4.7 percent for a trade deficit of HKD53.2 billion.
U.S. Dollar Recovers Against Some Majors
(RTTNews) - The U.S. dollar recovered against some of its major counterparts in the New York session on Monday.
The greenback recovered to 1.0466 against the euro and 1.2541 against the pound, from its early 4-day lows of 1.0530 and 1.2612, respectively.
The greenback rose to 0.5835 against the kiwi, 0.6486 against the aussie and 1.4007 against the loonie, from an early 4-day low of 0.5869 and nearly 2-week lows of 0.6549 and 1.3927, respectively.
The next possible resistance for the currency is seen around 1.03 against the euro, 1.23 against the pound, 0.57 against the kiwi, 0.63 against the aussie and 1.41 against the loonie.
Continued Support Predicted For Malaysia Shares
(RTTNews) - The Malaysia stock market has moved higher in back-to-back sessions, collecting almost 10 points or 0.7 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,600-point plateau and it may add to its winnings again on Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The KLCI finished modestly higher on Monday following gains from the financial shares and mixed performances from the plantations, industrials and telecoms.
For the day, the index added 7.67 points or 0.48 percent to finish at 1,597.45 after trading between 1,588.46 and 1,609.29.
Among the actives, Axiata rose 0.43 percent, while Celcomdigi lost 0.28 percent, CIMB Group spiked 1.95 percent, Genting climbed 1.32 percent, Genting Malaysia declined 1.41 percent, IHH Healthcare plunged 2.64 percent, IOI Corporation dropped 0.52 percent, Kuala Lumpur Kepong perked 0.28 percent, Maxis strengthened 1.42 percent, Maybank collected 0.98 percent, MISC fell 0.13 percent, MRDIY and Hong Leong Financial both gained 0.54 percent, Nestle Malaysia tanked 2.56 percent, Petronas Chemicals tumbled 2.44 percent, Petronas Dagangan retreated 1.69 percent, PPB Group plummeted 4.55 percent, Press Metal sank 0.43 percent, Public Bank jumped 1.60 percent, QL Resources skidded 1.03 percent, RHB Bank rallied 1.69 percent, Sime Darby slumped1.32 percent, SD Guthrie stumbled 1.85 percent, Sunway advanced 0.60 percent, Telekom Malaysia shed 0.31 percent, Tenaga Nasional gathered 0.29 percent, YTL Corporation soared 4.52 percent and YTL Power surged 5.52 percent.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the SP 500 rose 18.03 points or 0.30 percent to end at 5,987.37.
Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.
Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
Dollar's Dazzle Undiminished
(RTTNews) - The Dollar's rally continued during the week ended November 22 lifting the 6-currency Dollar Index to a 2-year high.
The U.S. Dollar gained against the euro, the British Pound, the Japanese yen, the Swedish krona and the Swiss franc. It however declined against the Australian Dollar and the Canadian Dollar. The U.S. Dollar gained amidst fears that the new government's economic and tax policies could stoke inflation and reduce the headroom available to the Federal Reserve to ease rates.
The Dollar Index, which measures the U.S. Dollar's strength against a basket of 6 currencies gained 0.81 percent during the week ended November 22, recording the eighth straight week of gains. The Index had added 1.61 percent during the week ended November 15 and 0.69 percent during the week ended November 8.
Data released during the week showed the number of individuals filing for unemployment benefits in the U.S. unexpectedly falling to 213 thousand during the period ending November 16 versus 219 thousand in the previous week and market expectations of 220 thousand. The strength of the labor market despite the aggressive tightening cycle by the Federal Reserve portended a slower pace of monetary easing than expected, boosting the dollar.
The stronger-than-expected PMI numbers also bolstered the greenback. The SP Global Services PMI which was expected to edge up to 55.2 from 55.0 in the previous month jumped to 57.0. The Manufacturing PMI edged up as expected to 48.8 from 48.5 in the previous month.
The euro slipped against the U.S. Dollar during the week ended November 22 amidst fears of a trade war with the U.S. that could weaken the Euro Zone economy. The EUR/USD pair declined to 1.0417 on November 22, from 1.0541 a week earlier, recording a decrease of 1.2 percent as markets fear the euro's fall to parity with the dollar. The pair ranged between the high of 1.0609 recorded on Wednesday and the low of 1.0333 touched on Friday.
Data released during the week had shown inflation in the region increasing along expected lines. Data also showed an unexpected decline in PMI readings that added pressure on the ECB to ease rates.
The U.S. Dollar surged against the British pound also during the week ended November 22. The pound's weakness came amidst a larger-than-expected decline in retail sales that offset the sterling's strength derived from the higher-than-expected inflation in the U.K. The GBP/USD pair which had closed at 1.2617 on November 15, dropped to 1.2531 by November 22. The pair ranged between Wednesday's high of 1.2714 and Friday's low of 1.2484. Data released on Wednesday showed annual inflation in the U.K. rising to 2.3 percent in October from 1.7 percent in the previous month and disappointing markets that had expected a level of 2.2 percent.
Data released on Friday showed retail sales declining 0.7 percent in October. Markets had expected a decline of 0.3 percent versus the uptick of 0.1 percent in the previous month.
The Australian Dollar however strengthened against the U.S. Dollar during the week ended November 22, amidst minutes of the Reserve Bank of Australia revealing the central bank's focus on maintaining restrictive interest rate framework. The board members acknowledging that there was no "immediate need" to alter the cash rate supported the Australian Dollar. The AUD/USD pair which had closed at 0.6461 on November 15 dropped to a low of 0.6446 on Monday and thereafter climbed to a high of 0.6544 on Wednesday. The pair finally closed at 0.6501 on Friday, recording weekly gains of 0.62 percent.
The past week also saw the Japanese yen extend losses against the U.S. Dollar amidst uncertainty about Bank of Japan's rate hike plans. The USD/JPY pair which was at 154.34 on November 15 climbed 0.26 percent to 154.74 in a week's time. The pair had touched a low of 153.28 on Tuesday and a high of 155.88 on Wednesday. The yen's weakness came amidst inflation in Japan declining to 2.3 percent in October from 2.5 percent in the previous month. The lowest reading since January cast doubts on the headroom available to Bank of Japan to hike rates aggressively.
Currency market movements over the course of the new week are bound to be swayed by the deluge of economic data from across the globe. Minutes of the FOMC due on Tuesday, the PCE-based inflation data due from the U.S. on Wednesday as well as the monthly inflation updates due from Australia, Germany, France and Euro Area and the revised GDP data from the U.S. would undoubtedly dictate the trajectory of major currencies.
At the onset of the new week, the dollar has retreated from two-year highs after U.S. President-elect Donald Trump nominated hedge fund manager Scott Bessent for the post of Treasury Secretary. The 6-currency Dollar index is currently at 107.08.
The EUR/USD pair has jumped to 1.0478 whereas the GBP /USD pair has firmed up to 1.2562. Ahead of the CPI update, the AUD/USD pair has strengthened to 0.6503. The USD/JPY pair has in the meanwhile decreased to 154.42.
TSX Retreats After Hitting New All-time High, Ends Marginally Down
(RTTNews) - Despite posting a new all-time high around mid-morning, the Canadian market ended on a negative note on Monday, due to sharp losses in energy and materials sectors. Gains real estate, technology, communications, consumer discretionary and industrials sectors helped limit the market's downside.
A positive reaction to news U.S. President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary buoyed up U.S. stocks, and this aided sentiment a bit on Bay Street.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
The benchmark SP/TSX Composite Index, which climbed to 25,542.57, ended down 21.30 points or 0.08% at 25,422.98.
Weak commodity prices weighed on metal and energy stocks. The Materials Capped Index and the Energy Capped Index shed 2.15% and 1.78%, respectively.
The Real Estate Capped Index climbed nearly 2.5%, while the Information Technology Capped Index and Communication Services Capped Index moved up 1.27% and 1.21%, respectively.
Torex Gold Resources (TXG.TO) lost more than 8%. Eldorado Gold Corporation (ELD.TO), Softchoice Corporation (SFTC.TO), Wheaton Precious Metals (WPM.TO), Lundin Gold Inc (LUG.TO), Celestica Inc (CLS.TO), Osisko Gold Royalties (OR.TO), Pan American Silver Corp (PAAS.TO), AltaGas (ALA.TO), Cameco Corporation (CCO.TO) and Agnico Eagle Mines (AEM.TO) closed down 3 to 5.4%.
AtkinsRealis (ATRL.TO), Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Franco-Nevada Corporation (FNV.TO) and TC Energy Corporation (TRP.TO) also declined sharply.
CI Financial Corp (CIX.TO) soared 30%. Interfor Corp (IFP.TO) rallied nearly 10%. Canfor Corporation (CFP.TO) climbed 7.3%. Colliers International (CIGI.TO), West Fraser Timber (WFG.TO) and BRP Inc (DOO.TO) ended higher by 5 to 6%.
Richelieu Hardware (RCH.TO), Aritzia Inc (ATZ.TO), Shopify Inc (SHOP.TO), Magna International (MG.TO), Bombardier Inc (BBD.B.TO), MTY Food Group (MTY.TO), Onex Corporation (ONEX.TO), Linamar Corporation (LNR.TO), FirstService Corporation (FSV.TO) and Canadian Tire Corporation (CTC.A.TO) gained 2.3 to 5%.
On the economic front, data from Statistics Canada said manufacturing sales in Canada likely rose by 1.3% month-over-month in October, rebounding from a 0.5% decline in September against expectations of a 0.8% drop, according to preliminary estimates.
KOSPI Tipped To Extend Its Gains On Tuesday
(RTTNews) - The South Korea stock market has tracked higher in two straight sessions, advancing more than 50 points or 2 percent along the way. The KOSPI now sits just above the 2,530-point plateau and it's expected to open in the green again on Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The KOSPI finished sharply higher on Monday following gains from the financial shares, chemicals and technology companies, while the industrials were mixed.
For the day, the index jumped 33.10 points or 1.32 percent to finish at 2,534.34 after trading between 2,517.98 and 2,541.76. Volume was 535.26 million shares worth 12.54 trillion won. There were 612 gainers and 279 decliners.
Among the actives, Shinhan Financial collected 1.26 percent, while KB Financial shed 0.41 percent, Hana Financial gained 0.64 percent, Samsung Electronics rallied 3.39 percent, Samsung SDI soared 3.16 percent, LG Electronics advanced 0.96 percent, SK Hynix perked 0.17 percent, Naver strengthened 1.68 percent, LG Chem spiked 2.85 percent, Lotte Chemical jumped 1.96 percent, SK Innovation improved 0.78 percent, POSCO lost 0.66 percent, SK Telecom sank 0.70 percent, Hyundai Mobis stumbled 2.95 percent, Hyundai Motor accelerated 0.92 percent, Kia Motors dropped 0.61 percent and KEPCO was unchanged.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the SP 500 rose 18.03 points or 0.30 percent to end at 5,987.37.
Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.
Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
Rebound Predicted For Singapore Stock Market
(RTTNews) - The Singapore stock market headed south again on Monday, one session after ending the two-day slide in which it had slipped almost 20 points or 0.6 percent. The Straits Times Index now sits just above the 3,730-point plateau and it's expected to bounce higher again on Tuesday.
The global forecast for the Asian markets is upbeat on optimism over the global outlook, although weak oil prices limited the upside. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The STI finished modestly lower on Monday following mixed performances from the financial shares, property stocks and industrial issues.
For the day, the index slumped 14.63 points or 0.39 percent to finish at 3,731.39 after trading between 3,730.96 and 3,764.90.
Among the actives, CapitaLand Integrated Commercial Trust spiked 1.55 percent, while CapitaLand Investment rallied 1.08 percent, City Developments soared 2.33 percent, Comfort DelGro gained 0.68 percent, DBS Group fell 0.19 percent, Genting Singapore tumbled 1.29 percent, Hongkong Land lost 0.43 percent, Keppel DC REIT skyrocketed 7.21 percent, Keppel Ltd added 0.75 percent, Mapletree Pan Asia Commercial Trust improved 0.82 percent, Mapletree Industrial Trust advanced 0.88 percent, Mapletree Logistics Trust surged 3.20 percent, Oversea-Chinese Banking Corporation tanked 1.64 percent, SATS gathered 0.52 percent, Seatrium Limited jumped 1.05 percent, SembCorp Industries sank 0.38 percent, Singapore Technologies Engineering plunged 2,14 percent, SingTel slumped 0.65 percent, Thai Beverage and Frasers Centrepoint Trust both climbed 0.95 percent, Wilmar International rose 0.65 percent, Yangzijiang Financial jumped 1.25 percent, Yangzijiang Shipbuilding plummeted 2.23 percent and Emperador and Frasers Logistics Commercial Trust were unchanged.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 440.0.6 points or 0.99 percent to finish at 44,736.57, while the NASDAQ added 51.19 points or 0.48 percent to close at 20,220.36 and the SP 500 rose 18.03 points or 0.30 percent to end at 5,987.37.
Stocks added to the strong gains posted last week amid a positive reaction to news President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary.
Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation.
However, buying interest waned as the day progressed, as traders seemed reluctant to make more significant moves ahead of the release of several key economic reports in the coming days.
Oil prices fell sharply on Monday, weighed down by reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days. West Texas Intermediate Crude oil futures for January ended down $2.30 or 3.2 percent at $68.94 a barrel.
Closer to home, Singapore will provide October figures for industrial production later today; in September, industrial output was flat on month and up 9.8 percent on year.
